Earnings - 30th April 2009(3)

4:33PM MetLife misses by $0.14, misses on revs (MET) : Reports Q1 (Mar) earnings of $0.20 per share, $0.14 worse than the First Call consensus of $0.34; revenues fell 12.1% year/year to $10.22 bln vs the $11.93 bln consensus. Book Value per Share $25.98, BVPS ex-AOCI $44.93. Net investment income declined to $3.3 bln from $4.3 bln in the year-ago quarter. The lower result was largely due to a decline in variable investment income, which was negative and lower than plan by $508 million, or $321 million ($0.40 per share) after income tax, the impact of deferred acquisition costs and other offsets. The lower variable investment income was driven mostly by negative returns from corporate joint ventures and real estate funds. For the quarter, the company had net realized investment losses, net of income tax, of $618 million. The net realized investment losses were across a broad range of asset classes, including corporate credits and hybrid securities, and included $584 million, net of income tax, in credit-related losses and impairments.

4:28PM CardioNet beats by $0.01, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance, reaffirms outlook beyond 2009 (BEAT) 20.75 +0.04 : Reports Q1 (Mar) earnings of $0.04 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.03; revenues rose 40.0% year/year to $35.7 mln vs the $35.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.69-0.73 vs. $0.67 consensus; sees FY09 revs of $170-175 mln vs. $172.88 mln consensus. "Beyond 2009, we are comfortable with our previous guidance of revenue growth of at least 50% combined with earnings growth of 100% in 2010, with earnings per diluted share that could reach $2.00 in 2011" (Current 2011 EPS consensus is $1.88). "We continue to view 2009 as an inflection point in our business and believe that we can achieve accelerated growth and profitability in 2010 and beyond through strategic investments in our sales organization and corporate infrastructure... We are ahead of our sales force expansion plans and expect to substantially complete our expansion by mid-year 2009. As we continue to expand our sales organization, we anticipate being well positioned to gain significant market share in the future as our new account executives become fully established and proficient in marketing our services primarily to cardiologists and electrophysiologists. Our infrastructure enhancements have already translated to improvements in customer service and monitoring operations. Continued investments in the business will be a high priority for CardioNet, particularly as our customer base grows, to insure that CardioNet is the leader in all aspects of ambulatory cardiac monitoring and diagnosis."

4:27PM Correction: Vistaprint beats by $0.07, beats on revs; guides in-line Q4 (VPRT)34.35 +1.44 : Reports Q3 (Mar) earnings of $0.44 per share, excluding non-recurring items,$0.07 better than the First Call consensus of $0.37; revenues rose 20.5% year/year to $127.5 mln vs the $125.1 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.35-0.39, excluding non-recurring items, vs. $0.37 consensus; sees Q4 revs of $123-129 mln vs. $126.34 mln consensus. Earlier we did not include the high end of Q4 guidance. The original post has been removed.e economic downturn, we remain on track to achieve our financial targets for this fiscal year."

4:19PM AMAG Pharma misses by $0.25, beats on revs (AMAG) : Reports Q1 (Mar) loss of $1.55 per share, $0.25 worse than the First Call consensus of ($1.30); revenues rose 56.2% year/year to $1 mln vs the $0.4 mln consensus. As of March 31, 2009, co's cash, cash equivalents, investments and settlement rights associated with certain auction rate securities totaled $194.6 million. Revenues for the quarter ended March 31, 2009 were $1.0 million as compared to revenues of $0.6 million for the same period in 2008.

4:18PM NetScout Systems misses by $0.02, misses on revs; guides FY10 EPS in-line, revs in-line (NTCT) 8.99 +0.14 : Reports Q4 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.22; revenues rose 4.4% year/year to $66.8 mln vs the $70.6 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.80-0.95 vs. $0.89 consensus; sees FY10 revs of $260-280 vs. $277.93 mln consensus. Co says, "Despite our strength in the market, our outlook for 2010 remains cautious, as we are anticipating stable revenue with growing margins and EPS assuming that the economy remains at current levels. We are driving operating margin expansion through cost reductions and improved operating efficiencies. Our caution about the economy does not alter our confidence in the underlying value proposition of our products and market leadership or our ability to build on our technological and financial strength. We expect to see good order flow continue from our major verticals: wireless service providers, financial services, including high-speed trading, and government. Of the nine customers who ordered over one mln dollars in the fourth quarter, eight were from wireless and financial services."

4:17PM Affiliated Computer beats by $0.07, misses on revs (ACS) 48.38 -0.20 : Reports Q3 (Mar) earnings of $1.00 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.93; revenues rose 4.4% year/year to $1.61 bln vs the $1.65 bln consensus. "We signed a record level of new business, we grew revenues and profit, and we generated the highest level of adjusted earnings per share in our history. These results can be attributed to our diverse client base, hard working employees and resilient business model which continues to perform at a very high level."

4:16PM PerkinElmer beats by $0.06, beats on revs, reaffirms guidance (PKI) 14.57 +0.64 : Reports Q1 (Mar) earnings of $0.26 per share, $0.06 better than the First Call consensus of $0.20; revenues fell 5.9% year/year to $431.6 mln vs the $411.1 mln consensus. Co says "While several of our end markets appear to be stabilizing, we believe there continues to be risk in the global economy. Therefore, despite our strong first quarter financial performance, we feel it prudent, at this time, to keep our full year revenue and adjusted earnings guidance unchanged," The Company forecasted for the full year 2009 organic revenue growth relative to 2008 to be flat to down mid-single digits. The Company forecasted 2009 earnings per share relative to 2008 to be down mid-single digits to mid-teens on both a GAAP and non-GAAP basis, which includes the impact of stock option expense in both periods

4:16PM Genoptix beats by $0.09, beats on revs; guides FY09 EPS in-line, revs above consensus (GXDX) 29.08 -0.03 : Reports Q1 (Mar) earnings of $0.33 per share, includes a $2.0 million benefit from changes in accounting estimates relating to prior periods, $0.09 better than the First Call consensus of $0.24; revenues rose 75.8% year/year to $39.2 mln vs the $36.5 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.20-1.25 vs. $1.22 consensus; sees FY09 revs of $170-175 mln vs. $170.78 mln consensus. "We have continued to develop and strengthen the organization in the first quarter, moving forward with our growth initiatives and our hiring plan. In the first quarter, our sales team grew to 62 field representatives, up from 55 at the end of 2008 and moving us closer to our goal of 85 representatives by the end of 2009,"

4:13PM Union Drilling beats by $0.03, beats on revs (UDRL) 5.99 -0.79 : Reports Q1 (Mar) loss of $0.01 per share, $0.03 better than the First Call consensus of ($0.04); revenues fell 15.3% year/year to $54.3 mln vs the $51.2 mln consensus. Co says "We expect results early in the second quarter to be a near-term bottom for Union Drilling. May and June will benefit from the contribution of our new rigs as well as a firming of utilization and earnings in Appalachia as the weather improves. We are in a solid financial position and do not expect to experience any liquidity problems, even if industry conditions do not improve until early 2010. The balance on our revolving credit facility has not exceeded $50 mln and the final payments on new rigs are behind us."

4:12PM McAfee beats by $0.06, reports revs in-line; guides Q2 EPS in-line, revs in-line (MFE) 37.54 +0.33 : Reports Q1 (Mar) earnings of $0.54 per share, including $0.02 per share dilution resulting from the acquisition of Secure Computing, excluding a $0.03 benefit from an insurance reimbursement, $0.06 better than the First Call consensus of $0.48; revenues rose 21.1% year/year to $447.7 mln vs the $448.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.54-0.58, including $0.01-0.02 of dilution from the Secure Computing acquisition, vs. $0.54 consensus; sees Q2 revs of $455-475 mln vs. $466.02 mln consensus.

4:09PM General Cable beats by $0.44, misses on revs; guides Q2 EPS above consensus, revs in-line (BGC) 27.36 +2.67 : Reports Q1 (Mar) earnings of $1.00 per share, excluding non-recurring items, $0.44 better than the First Call consensus of $0.56; revenues fell 33.6% year/year to $1.04 bln vs the $1.14 bln consensus. Co issues upside EPS guidance for Q2, sees EPS of $0.70-0.90, excluding non-recurring items, vs. $0.69 consensus; sees Q2 revs of $1.20-1.25 bln vs. $1.21 bln consensus.

4:08PM Dolby Labs beats by $0.14, beats on revs; guides FY09 revs in-line (DLB)40.13 +0.08 : Reports Q2 (Mar) earnings of $0.60 per share, $0.14 better than the First Call consensus of $0.46; revenues rose 18.3% year/year to $204.1 mln vs the $181.2 mln consensus. Co issues guidance for FY09, sees GAAP EPS of 1.76-1.91, may not be comparable to $1.79 consensus; sees FY09 revs of $650-700 mln vs. $668.23 mln consensus.

4:08PM Sourcefire beats by $0.03, beats on revs; guides Q2 above consensus (FIRE)10.83 -0.17 : Reports Q1 (Mar) net of breakeven, excluding non-recurring items, $0.03 better than the First Call consensus of ($0.03); revenues rose 36.3% year/year to $18.6 mln vs the $17.2 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.00-0.03, excluding non-recurring items, vs. ($0.02) consensus; sees Q2 revs of $18.7-20.2 mln vs. $18.2 mln consensus.

4:04PM AthenaHealth reports EPS in-line, misses on revs; sees 2009 rev growth in line with 2008 growth (ATHN) 31.80 +1.48 : Reports Q1 (Mar) earnings of $0.12 per share,in-line with the First Call consensus of $0.12; revenues rose 41.3% year/year to $42.1 mln vs the $43.2 mln consensus. "Our strong performance in the first quarter of 2009 demonstrates our growing significance as a unique software-enabled service in healthcare," said Jonathan Bush, the Company's Chairman, President, and Chief Executive Officer. "We have strengthened our position as a leader in revenue cycle management and continue to extend our expertise in managing complexity and cash flow within the electronic health record (EHR) space... Given favorable trends in our business, we believe that our full year 2009 revenue will grow in line with the full year revenue percentage growth rate we achieved last year." (Briefing.com note: The co's revs grew by ~38% in 2008; currenct consensus is for ~36.5% growth in 2009)

12:38PM Lancaster Colony earnings correction: Reports Q3 EPS $0.27 better than consensus (LANC) 44.12 -0.17 : Earlier today we incorrectly excluded at $0.20 gain from the company's earnings. This was incorrect because the gain was for a prior period. We have deleted the original comment. Co reports Q3 (Mar) earnings of $0.76 per share, $0.27 better than the First Call consensus of $0.49; revenues rose 6.5% year/year to $246 mln vs the $250 mln consensus. Co said, "In our food group, future trends in consumer demand remain uncertain but we expect to see continuing benefits from lower material costs and current retail pricing. The later Easter this year may also add modestly to fourth quarter sales volumes. While candle sales may also increase in the coming months, our candle operations typically experience a seasonally slow period in our fourth quarter."

9:07AM Expedia beats by $0.06, beats on revs (EXPE) 10.59 : Reports Q1 (Mar) earnings of $0.21 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.15; revenues fell 7.6% year/year to $635.7 mln vs the $588.3 mln consensus. Gross bookings decreased 11% (down 7% excluding the estimated impact from foreign exchange) for the 1Q09 compared with 1Q08, driven by a decrease in the leisure segment. Domestic bookings decreased 11% and international bookings decreased 13% (down 1% excluding the estimated impact from foreign exchange). Revenue as a % of gross bookings (revenue margin) was 12.17% for Q1, an increase of 51 bps. Co says, "Our results for the first quarter, especially the improved momentum in transaction and hotel room night volumes, prove that Expedia can successfully drive unit growth despite an undeniably difficult environment."

9:03AM Safeway misses by $0.06, misses on revs; guides FY09 EPS in-line (SWY)21.28 : Reports Q1 (Mar) earnings of $0.34 per share, $0.06 worse than the First Call consensus of $0.40; revenues rose 824.7% year/year to $9.24 bln vs the $9.86 bln consensus. Co issues in-line guidance for FY09, sees EPS of 2.10-2.30 vs. $2.23 consensus. Separately, the company announced a 21% increase in its quarterly dividend

Earnings - 7th October 2008

7:50PM MetLife preannounces Q3 EPS and revs below consensus; co withdraws its 2008 earnings; co announces 75 mln common stock offering (MET) 36.87 -7.45 : Co issues downside guidance; co sees Q3 operating EPS of $0.83-0.93 vs $1.48 First Call consensus, sees revs of $1.15 bln vs $1.38 bln consensus. The co's range of operating earnings for Q3 of 2008 primarily reflects: A decline in variable investment income, which is expected to be below plan by ~$117 mln, net of income tax, or $0.16 per diluted common share. The impact of poor equity markets on fee revenue in the company's variable annuity business and a related adjustment to deferred acquisition costs; An accrual of ~$48 mln, net of income tax, or $0.07 per diluted common share, related to the first phase of the company's previously-announced Operational Excellence initiative. The previously-announced decision to commute three excess insurance policies for asbestos-related claims, which amounts to a reduction in operating earnings available to common shareholders of ~$23 mln, net of income tax, or $0.03 per diluted common share. Co says, "MET is a well capitalized co with a strong balance sheet and financial strength ratings that are among the highest in the industry. With our earlier announcement to offer 75 mln shares of common stock to the public, we are taking an additional, proactive step to further assure all of our stakeholders that MetLife is financially sound and well positioned to meet our future obligations." Seperately, co announced plans to offer 75 mln shares of common stock to the public. The offering will supplement the co's strong capital position and will be used for both general corporate purposes and potential strategic initiatives. The underwriters will have a 30-day option to purchase shares representing an additional 15% of the offering amount from MetLife, Inc. to cover over-allotments, if any. The offering is expected to price on Wednesday, October 8, 2008.

5:04PM China Organic Agriculture guides Q3 EPS and revs (CNOA) 0.22 +0.05 : Co sees Q3 EPS of $0.14-0.16 on revs of $34-36 mln. Co says, "Revenue of over $30 mln in a single quarter will be a record for CNOA. With a majority of these sales coming from our Ankang subsidiary, we can be assured our business model's focus on trading opportunities will provide strong growth for shareholders. As discussed in previous reports, this large jump in revenue for the quarter compared to the first two quarters of 2008 is largely due to the cyclical nature of rice sales. Since harvest takes place in Q3 and Q4 of the year, sales tend to be higher in these quarters. Nevertheless, CNOA's recent sales are still considered quite large, compared with last year's third quarter results of $22.4 mln."

4:11PM Team beats by $0.01, revs in-line, reaffirms FY09 prior guidance (TISI) 27.39 -1.30 : Co reports Q1 (Aug) earnings of $0.25 per share, a penny better than the First Call consensus. Revenue rose 19% yr/yr to $123.3 mln vs consensus of $123.3 mln (2 ests). Co says it is off to a great start to the 2009 fiscal year and it re-affirms its prior EPS guidance of $1.45-1.60 vs $1.55 consensus.

4:10PM YUM! Brands beats by $0.04, beats on revs; reaffirms FY08 EPS guidance (YUM) 27.50 -0.81 : Reports Q3 (Sep) earnings of $0.58 per share, $0.04 better than the First Call consensus of $0.54; revenues rose 10.6% year/year to $2.84 bln vs the $2.78 bln consensus. Co reaffirms guidance for FY08, sees EPS of $1.89 vs. $1.90 consensus. Co says the U.S. business delivered system same-store-sales growth of 3%. Company same-store-sales growth of 4% was led by strong performance at Taco Bell and Pizza Hut, partially offset by a 4% decline at KFC. The co says international development is on track to deliver at least 1,400 new units, exceeding the 2007 record of 1,358 (YRI 852, China Division 506) and their most recent guidance of 1,300. Co says "...We are confidently reaffirming our full-year forecast for 12% EPS growth based on our year-to-date 17% EPS growth and our fourth-quarter outlook for both strong global system-sales growth and double-digit operating profit growth..."

4:06PM ScanSource sees Q1 revs below consensus (SCSC) 23.27 -0.72 : Co issues downside guidance; co sees Q1 revs of $535-543 vs $546.7 mln consensus.

4:03PM Unica lowers Q4 EPS and revs guidance (UNCA) 6.80 -0.26 : Co sees Q4 EPS of ~$0.01, down from previous non-GAAP guidance of $0.05-0.07, vs $0.06 First Call consensus; revs of ~$28 mln, down from $31.0-32.0 mln, vs $31.48 mln First Call consensus. "We are disappointed with the financial results we expect to report for the fourth quarter. The increasingly challenging macroeconomic environment had a negative impact on the length of sales cycles and secondarily on the timing of project implementations. "With the potential for current economic challenges to become more pronounced and/or take longer to improve, we believe it is prudent to target modest total revenue growth. At the same time, we expect continued strong growth in our subscription revenue and we are focused on expanding margins and driving positive cash flow in fiscal 2009. Long-term, there are a number of positive developments that make us optimistic about the company's strategic direction and future opportunity. For example, our subscription revenue growth remains very strong, we continue to win marquee customers and our pipeline of opportunities remains solid. Finally, we have a strong balance sheet to support the execution of our growth strategy and enhance shareholder value while the company weathers the short-term macroeconomic challenges."

9:04AM Safeway misses by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (SWY) 21.77 : Reports Q3 (Sep) earnings of $0.46 per share, $0.01 worse than the First Call consensus of $0.47; revenues rose 3.9% year/year to $10.17 bln vs the $10.08 bln consensus. Co reaffirms guidance for FY08, sees EPS of $2.25-2.35 vs. $2.26 consensus. "During the third quarter we took action to provide our customers with better everyday values," said Steve Burd, Chairman, President and CEO. "As we begin the fourth quarter, our sales momentum is building, with identical-store sales (excluding fuel) currently above 1.5%, and we are continuing to reduce costs."

8:48AM Corning to reaffirm Q3 EPS of $0.43-0.45 ($0.44 First Call Consensus) at Conference (GLW) 13.95 : The co's Vice Chairman and Chief Financial Officer James Flaws will provide an update on the co's Display Technologies segment and Corning's outlook for the 2009 display glass market during the Maxim Group Growth Conference. Third-quarter glass volume shipments for the company's wholly owned business and Samsung Corning Precision Glass grew 2% sequentially, which was lower than expected. Flaws will explain that there was a more pronounced shift in glass demand to Corning's equity venture. "SCP's volume was up 12% in the third quarter, while volume at Corning's wholly owned business was down 10%, which was lower than expected," he will note. Despite the lower than expected volume at the company's wholly owned business, Corning still anticipates that its third-quarter earnings per share will be in line with the September revised guidance of $0.43 to $0.45, before special items. The company believes that inventory levels in the supply chain have declined, noting that Taiwanese panel makers reported improved panel shipments for August, while panel price declines have moderated. Flaws will note that Corning's glass pricing came in as expected in the third quarter and that the company currently intends to continue its pricing strategy in the fourth quarter... "Given this economic uncertainty, we are prepared to adjust our production capacity to match end market demand," Flaws will tell attendees.


8:20AM Advance Auto forecasts Q3 EPS estimate to be flat vs 3Q07 EPS of $0.57; First Call consensus is $0.66 (AAP) 34.37 : Co reports that revenue for its Q3 ended Oct 4, 2008 increased approx 2.6% driven by 124 net new stores and flat comparable store sales. The company had expected third quarter sales growth to decelerate vs the second quarter due to the absence of the economic stimulus payments checks issued by the Federal government. However, the challenging economic environment, volatility in the financial and credit markets and the impact of the hurricanes and related gas shortages in the Southeast further limited sales growth in Q3. The lower than anticipated sales growth will result in the company's earnings per share to be approx flat as compared to 3Q07 reported EPS of $0.57, vs First Call consensus of $0.66. In addition, the company believes the third quarter sales trends will continue through the balance of the fiscal year as customers further adjust to the challenging economic environment.

8:05AM ION Geophysical awarded multi-year, Marine Multi-Component processing contract (IO) 9.99 : Co announces that its GX Technology Imaging Solutions group has been awarded a multi-year seismic data processing contract by Mobil Producing Nigeria Unlimited, operator of the Nigeria National Petroleum Corporation Joint Venture. The contract, the largest data processing award in IO's history, specifies that GX Technology and its longstanding Nigerian partner -- Bulwark Services -- will provide advanced imaging services for a series of 2C and 4C seabed seismic surveys that will be acquired over the next several years over producing fields offshore Nigeria.

3:21AM F5 Networks lowers Q4 revenue guidance (FFIV) 21.50 : Co issues downside guidance for Q4 (Sep), sees Q4 (Sep) revs of $171.3 mln vs. $173.19 mln First Call consensus. Co expects to meet or exceed its GAAP and non-GAAP EPS targets for the quarter. John McAdam, F5 president and chief executive officer, said results for Q4 reflect further weakening in the financial vertical and a sharp slowdown in Europe during the last week of September, partially offset by a slight rebound in Japan and US Federal revenues and by strong demand for the company's new entry-level products. "Despite weakness in the global economy, demand for the BIG-IP 3600 in particular was much stronger than we initially anticipated," McAdam said. "During the month of September alone BIG-IP 3600 sales exceeded our initial forecast for the entire quarter, resulting in more orders than we could ship during the quarter."